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1 job market pricing
"A method of determining compensation by comparing individual jobs to market benchmark data for similar jobs in order to identify a value-relative basis. With this method, a specific pay range is associated with an individual job, but not with a compensation level (grade or band). Job market pricing is a feature of broad-banding compensation structures, but not of grades or steps." -
2 broad band
"A structure of compensation levels that includes broad ranges of pay per level and is generally defined by grouping jobs with similar aggregate levels of responsibility. Pay for individual jobs is often linked to the external market. Bands are also typically differentiated by the variable compensation awards available at each band. Broad banding eliminates the hierarchy and narrow ranges of graded structures and allows ranges to overlap (for example, the 90th percentile of Band B equals the 10th percentile of Band C). Broad bands do not contain midpoints and generally do not have fixed minimums or maximums (for example, allowing pay that is either below a minimum or above a maximum rate within a band because the external market determines a specific job rate). Companies can store additional reference points for a band, such as a 50th percentile (or Control Point), 25th and 75th percentile, and base variable compensation on one of those points."
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